Commonwealth Bank No Fee Variable Rate Home Loan

The Commonwealth Bank No Fee variable rate home loan offers flexible options without the added fees.

The Commonwealth Bank No Fee variable rate home loan offers a variety of flexible features, but doesn't carry the fees often associated with variable rate home loans.

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This product is no longer on the market. The information on this page may no longer be accurate or up to date. To see the current mortgage offers from Commonwealth Bank please visit this page.

Things to consider about the Commonwealth Bank No Fee Variable Rate Home Loan

This loan is a full documentation loan, so you'll have to supply standard proof of income documents. It's suitable to finance home purchases, investment properties, off-the-plan purchases and to provide bridging finance. It's not available to those wishing to purchase land or construct a home, nor to those looking to finance a business.

Features of this home loan

  • Absence of fees. The Commonwealth Bank has eliminated some of the common fees you'll see with other lenders as well as with other types of loans like: establishment fees, valuation fees, voucher fees, deferred establishment fees, drawing fees, administrative fees, top up fees, switching fees, security guarantee fees, loan service fees, settlement fees and the other types of fees often found with home loans.
  • No maximum loan amount. There is minimum loan amount of $150,000 though there is no maximum amount for the loan.
  • Flexible repayments. Repayments can be made weekly, monthly or fortnightly. If you need a holiday from repayments you have the option to use these extra funds to cover the payments.
  • Repayment type. You can choose principal plus interest or interest-only repayments. However, split loans are not available.
  • Loan-to-value ratio. There's a maximum loan-to-value ratio (LVR) of 80% with this loan. This increases to 95% if you're willing to pay for lenders mortgage insurance (LMI).
  • Conditional pre-approval. You can get an obligation free pre-approval on your home loan. This means you can start looking for your property with confidence knowing how much you can spend.
  • Loan term. There is a maximum term for the loan of 30 years, though there are mitigating factors such as retirement age that could impact this number.
  • Additional repayments. You can make unlimited additional repayments to this loan, so you can pay it off sooner. If you have made additional payments you can withdraw these at any time.
  • Loan top-up. You can apply for an increase in your loan amount (minimum $10,000), subject to approval.
  • Annual fee waived on Low Fee MasterCard. You are eligible to receive a Low Fee MasterCard with no annual fee. You can also open a Smart Access or Complete Access transaction account with no monthly account fee, for the life of the loan.

How to apply for this loan

If you would like to apply for the Commonwealth No Fee home loan, please click 'go to site' to be safely redirected to the enquiry page. If you're self employed, have a guarantor or applying as a company or trust, Commonwealth Bank recommends that you apply offline. If you're an existing customer of Commonwealth Bank, you can also apply through NetBank.


  • Your finances (listing your expenses, your assets and liabilities)
  • The property that you'd like to purchase (if you've already found one)
  • Employment (your income, payslips, etc.)
  • If you're applying with someone else, details of the second applicant

Calculate your repayments by filling in some of your details

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6 Responses

  1. Default Gravatar
    HinaNovember 6, 2015

    My question is that, we have got our home loan approved and all settlement has been done. Next week we will be going for the prestart, just wondering, if we will add anything at prestart, does bank will have any concern with that and will they ask me to pay that amount in upfront? Or I can pay that amount in the end before builder handover the house to me?
    Help would be appreciated

    • finder Customer Care
      BelindaNovember 6, 2015Staff

      Hi Hina,

      Thanks for your enquiry.

      Generally you’ll need to speak with your broker or lender about its policy regarding any inclusions to the contract during your pre start meeting. They will be able to clarify the process involved for adding inclusions to the contract and when they will require payment, or adjust your finance amount.

      Please keep in mind that typically you cannot make any structural changes included in the contract at your pre start meeting as these types of changes are best resolved before your contracts have been finalised and your finance application has been approved.


  2. Default Gravatar
    JoshMay 4, 2015

    Does your basic variable home loan have an offset facility?

    • finder Customer Care
      MarcMay 5, 2015Staff

      Hi Josh,
      thanks for your question to

      This home loan does not have an offset account, but you can compare home loans with offset accounts here.

      I hope this helps,

  3. Default Gravatar
    PhyllisJune 18, 2014

    I can’t find anything on refinancing with your bank

    • finder Customer Care
      ShirleyJune 19, 2014Staff

      Hi Paul,

      Thanks for your question.

      If you would like to refinance to this particular home loan, you can click ‘enquire now’ to speak to a mortgage specialist from CBA.

      Our refinancing guide can also provide more information.


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